Gov't Stimulus: Thanks to your $$$ this woman & others is buying $133k home for $42k

Quote from makloda:

Government employees earning minimum wages, depending on federal transfer payments and incentive programs. Is this America's future?
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But it´s good for the housing statistics, isn´t it ? Will this sale be observed in the existing home sales figures, new home sales or foreclosure figures ? Maybe we can bank the next stock rally on this information. :D :D :D
 
Quote from trendy:

Quote from ByLoSellHi:

Oh, I'm sorry; you're the one with knowledge of that area of Florida, and intimately familiar with different types of construction, and the specific details of this house (and how much it cost to build) just by look at it, right?

Actually, as a 45 yr. resident of Florida that has bought and sold at least a dozen houses just like that one, and has loaned money against similar properties, yes I am an expert. What's your resume?
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the part that kicked ass was

"and has loaned money against similar properties"
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Quote from trendy:

Quote from ByLoSellHi:

Oh, I'm sorry; you're the one with knowledge of that area of Florida, and intimately familiar with different types of construction, and the specific details of this house (and how much it cost to build) just by look at it, right?

Actually, as a 45 yr. resident of Florida that has bought and sold at least a dozen houses just like that one, and has loaned money against similar properties, yes I am an expert. What's your resume?
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Well, I won't get into all the details, but a construction and real estate development background, including mandatory field experience working with each and every trade, w/out pay, alternating summers, beginning when I was 12, courtesy of my father, which I appreciate to this day.

That means I worked with bricklayers, drywall, excavation crews, rough and finish carpenters, roofers, basement crews (poured concrete), trim, plumbers, HVAC, insulation, electrical crews, etc., etc.

When I was older, I had to deal with all contracts with paving companies, excavators, underground companies (sanitary water and sewer, electrical), dewatering properties, deal with public utilities, deal with issues regarding wetlands and environmental problems (lot of arsenic on old apple orchard property), deal with soil sample and soil boring companies, deal with city and county planners and building inspectors,

It also means that once I was older, I studied onion skin overlays spanning back 100 years of the development patterns of the cities we were building in, had to tie up properties after making sure there were no environmental or other problems and that the property was fit for the intended development, make sure zoning was in place or there was a high likelihood we obtained necessary zoning, attended closings and ensure escrow and other facets of closings went smoothly, had to deal with governmental units in terms of ensuring we had capacity on sewers and sanitary water and if we didn't, that we could ensure future service through developmental agreements usually negotiated with other developers to pay for infrastructure costs, dealt with the DEQ and DNR more times than I care to count.

It also means that I developed pro formas for commercial projects, such as retail centers and hotels, and that I've personally signed deals with some of the largest big box retailers in the country, sometimes engaging in down-to-the-wire negotiations with them or their representatives on deals that lasted well past midnight, either face to face, or on conference calls, which was made necessary because of strict time lines.

So sure, if you think that house is worth anywhere near 143,000, let alone 75,000 in this market, when I have personally been involved with a RE fund that is picking over the carcasses of two and three year old homes in Florida, Arizona and Nevada that sold for 220k-400 plus that we can buy for 140k or far less now (how about 1,700 square foot detached condos built by now BK Levitt Brothers for $62,000 that sold for $213,000 new in 2006), that are just like new, and 2000 square feet plus (3500 square feet in some cases), in gated subs, with granite, central air, alarm systems, three car garages, fully working media rooms, that are in perfect condition, in literally brand new subdivisions, sure, keep on believing that.

I know every trade around, can get them to work for me on a handshake, know what constructions costs are, and even when driving hard to the net on price, I can't build the shit I can buy in distressed sales for twice the amount I can buy it for, already built.

But WTF do I know? You're the expert, apparently, as you are a broker or RE salesperson.

No offense, but those two categories of people have, for the most part (there are exceptions), the most incompetent morons I've ever had the stress of dealing with.
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picking off the "carcasses" was petty good as well.

(and I was concerned about your roof line comment as well.) I wonder if a home inspection was done?

So you have a functionally obselete house and a bad market - what is the real value?

How are the schools?
 
Here, let me refresh your recollection of what you said.

*p.s. - that home is a dump. The seller wouldn't get more than $35,000 for it if they were lucky without this government waste.

If you think you can buy a house like that for $35,000 you are the one who is dreaming. Tell ya what. I'll pay you $5,000 as a finder's fee for each home like that I can buy for $35,000. I'll take at least 5. OK?

BTW, my buddy Michael Peters just auctioned off 20 houses very similar to this one, give Michael a call and ask him the average selling price of those 20. Here's hint. It ain't no where near $35,000.

http://americanheritageauctioneers.com/past_sales.html
 
Quote from trendy:

Here, let me refresh your recollection of what you said.

*p.s. - that home is a dump. The seller wouldn't get more than $35,000 for it if they were lucky without this government waste.

If you think you can buy a house like that for $35,000 you are the one who is dreaming. Tell ya what. I'll pay you $5,000 as a finder's fee for each home like that I can buy for $35,000. I'll take at least 5. OK?
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You want to buy nearly new homes in that area?

I'll tell you what. Money talks and bullshit walks.

Scrape together a couple million dollars provable by a letter of credit from a FDIC insured bank, put it in escrow so that I know you're serious, and I'll personally meet with you and show you homes in Florida right now that are three times the size of that house, in brand new condition, built in 2005 or later, near brand new schools, for 140k and far less than that, that you can buy right now (as in no bullshit negotiations, because that's already done), on terms that are so sweet you'll think that the banks have lost their collective minds.

What I won't do is waste my time talking to someone who doesn't know their ass from a hole in the ground, telling me what a house like that is worth.

You go and overpay for houses on your lonesome assuming you have any money, and the ambition and will to lose your ass because you don't have a clue what you're talking about.

This whole thing is a massive government boondoggle proving that no one, NO ONE, can waste your money faster and with greater inefficiency than the government.


Edit - Oh, and you've bought and sold home in Florida for 45 years? Well, that explains why you're now so clueless in this brave new world, my older and more naive friend.

And I don't care what your auctioneer buddy is auctioning homes for to the retail crowd. I'm talking investment properties in bulk. I'm talking 80% in some cases of entire developments, where the developer went belly up. I'm talking about the shit I've seen and touched, terra firma, with my own feet.
 
These programs like that one have been going on for some time. I remember one where i live (in sacramento) where they were getting the city to chip in 1/3rd the value of the place. Then in West sac, they were offering people that were in a certain wage, 100,000 dollars toward the purchase of the house. In the first one, the person only had to live there 30 years and they get 1/30th the equity per year (fat chance of getting any equity because those properties were selling for 289k at the time and are now getting forclosed on and resold for 130k)

In the second one the person had to live there 10 years.

Then there was another program about 100 miles north of me that was offering to give the people 150k toward the purchase of their home.

I saw another one that was statewide that they give you up to 40k 3% 30 year silent second mortgage. (for those of you that havent heard of a silent second thats where you get a mortgage and dont have to make monthly payments on it if you dont want to. You just have to pay it off when you sell the house or at the end of 30years whichever comes first)
 
Quote from ByLoSellHi:

You want to buy nearly new homes in that area?

I'll tell you what. Money talks and bullshit walks.

Scrape together a couple million dollars provable by a letter of credit from a FDIC insured bank, put it in escrow so that I know you're serious, and I'll personally meet with you and show you homes in Florida right now that are three times the size of that house, in brand new condition, built in 2005 or later, near brand new schools, for 140k and far less than that, that you can buy right now (as in no bullshit negotiations, because that's already done), on terms that are so sweet you'll think that the banks have lost their collective minds.

What I won't do is waste my time talking to someone who doesn't know their ass from a hole in the ground, telling me what a house like that is worth.

You go and overpay for houses on your lonesome assuming you have any money, and the ambition and will to lose your ass because you don't have a clue what you're talking about.

This whole thing is a massive government boondoggle proving that no one, NO ONE, can waste your money faster and with greater inefficiency than the government.


Edit - Oh, and you've bought and sold home in Florida for 45 years? Well, that explains why you're now so clueless in this brave new world, my older and more naive friend.
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Do you have a reading comprehension problem? I said I wanted to buy 5 houses like that one for $35,000 each. Show me where I can buy them and I'll give you $5,000 per.
 
Quote from trendy:

Do you have a reading comprehension problem? I said I wanted to buy 5 houses like that one for $35,000 each. Show me where I can buy them and I'll give you $5,000 per.
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I will show you a development in Clearwater right now where you can buy attached condominiums, of various sizes the smallest of which is 1,450 square feet and the largest is 1,900 square feet, that are brand new, were built in 2005-2007, where you can buy 37 units for 52k each. Everything is in - water, sewer, boulevard roads, street lighting, landscaping - even the clubhouse with pool and tennis courts is done. Do you have 20 million to invest, b/c it's cash deal, and it's all or none.

Edit - I'm not talking garbage. This is a gated lifestyle community. The clubhouse is 42,000 square and has indoor and outdoor pools, a fully equipped gym, a banquet facility and what was supposed to be a daycare center type spiel. There are people living in there who paid full price. The units are all complete, and even have top of the line appliances, all brand new.
 
Quote from trendy:

Do you have a reading comprehension problem? I said I wanted to buy 5 houses like that one for $35,000 each. Show me where I can buy them and I'll give you $5,000 per.
More...

Melbourne, Florida, and surrounding towns.
 
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